By STEPHEN LENDMANAfter retiring as the Federal Reserve’s second longest ever serving chairman, Alan Greenspan is now cashing in big late in life at age 81. He chaired the Fed’s Board of Governors from the time he was appointed in August, 1987 to when he stepped down January 31, 2006 amidst a hail of ill-deserved praise for his stewardship during good and perilous times. USA Today noted “the onetime jazz band musician went out on a high note.” The Wall Street Journal said “his economic legacy (rests on results) and seems secure.” The Washington Post cited his “nearly mythical status.”
Stanford Washington Research Group chief strategist Greg Valliere called him a “giant,” and Bob Woodward called him “Maestro” in his cloying hagiography (now priced $1.99 used on Alibris and $2.19 on Amazon) that was published in 2000 as the Greenspan-built house of cards was collapsing. The book was an adoring tribute to a man he called a symbol of American economic preeminence, who the Financial Times also praised as “An Activist Unafraid to Depart From the Rule” – by taking from the public and giving to the rich.